Legal Question in Bankruptcy in New York

Re: Bankruptcy

Sure can. You have two options and depending on what you want to do, you could file either a Chapter 7 or Chapter 13.

Re: Bankruptcy

To determine if you qualify for a Chapter 7 bankruptcy, it is necessary to look at your combined income (whether filing alone or jointly with your spouse) for the prior six months. The income for the prior six months is then averaged out on an annual basis. In your case, is this annual average is $60,000, then you will qualify, based on the facts you have provided. If the house is owned jointly, then the equity in the home is well within the combined exemption limit of $100,000 ($50,000 each), so you can keep your home. $240,000 in credit card debt is unusually large and this will most likely require an explanation to the bankruptcy trustee and United States Trustee. Student loans are almost never dischargeable.

Please contact my office directly if you would like to discuss your situation further. You may also visit my website at amdlaw.com for more information.